It has been a challenging last few weeks for home buyers with so much going on with the economy and media, it’s hard to know what to do.
In reality, due to lack of properties on the market and demand, properties are still selling above asking price.
- Rising Interest Rates
- Cost of Living Crisis
- Value of House Prices Predicted to Go Down
The good news is that mortgage interest rates have been falling and there are competitive 2-year tracker rates on the market with no early redemption fees, this gives you the option to switch to a fixed rate if base rates rise again.
Although rates are never going to be as low as they were last year, they are affordable.
I recommend that you get prepared and be ready to put your offer on your chosen property when it becomes available.
I have put my top 5 handy tips here for you to make the most of.
- Start saving for Deposit and regularly put money away from your income, this will help you when you have to pay a mortgage.
- Check your credit report, to make sure that you have a clean credit history – pay off/reduce any small loans or credit cards.
- Review your bank statements, can you reduce outgoings?
- Speak to an Independent mortgage advisor, find out how much you can borrow? What can you afford to pay per month? Apply for a “Decision in principle” this will confirm if a lender considers your application subject to full application.
- Register with Right Move, check value of properties, location, transport, schools, how long have they been on the market. Terms of lease, service charge, ground rent, standard construction.
